Assemble Business Case
Assemble Business Case is a process that emphasizes the consolidation of comprehensive research and analysis to endorse the optimal selection of portfolio components, programs, or projects which align with the business objectives. One of its prime advantages is that it allows consistent scrutiny of programs and projects, facilitating decision-makers in ascertaining the worthiness of an investment.
This process entails:
Scope: It encapsulates the work undertaken to amalgamate and present the requisite data to pivotal decision-makers for evaluating potential investments. This essentially determines if a certain initiative is worth the resources.
Business Case Definition: It's an economic feasibility document that validates the benefits expected from a proposed initiative. The case probes the problem or opportunity, establishes its core causes, and delves deep into various dimensions that lead to an exhaustive recommendation.
Needs Assessment Utilization: The in-depth analysis conducted during the Needs Assessment phase forms the foundation for creating the business case. This case provides the vital data needed to formulate objectives and serves as a crucial input for the charter. A significant aspect of this case is recognizing and lucidly conveying the expected value from the proposed change.
Formality Variations: Every business problem or opportunity doesn't mandate a formal business case. Some decisions might be influenced by factors like market competition, legal mandates, or executive discretion. In these scenarios, a charter might suffice. However, larger or strictly regulated entities typically necessitate both a formal business case and a charter.
Decision Making Enhancement: Business cases aid organizations in systematically evaluating and choosing the most advantageous investments. Adopting this process typically results in superior decision-making.
Template Utilization: Organizations may prefer a standardized template for business cases. These templates or software help in ensuring consistency across the process.
Essential Components: Every business case should at least encompass:
Problem/Opportunity Statement: Defines the impetus behind the action. It should articulate the business issue or prospect that necessitates a solution.
Situational Analysis: Describes how the solution aligns with business objectives. This should cover the root causes and back the analysis with relevant data.
Recommendation: Provides a feasibility analysis for each option, emphasizing constraints, risks, and assumptions. A ranking system for alternatives and a detailed cost-benefit analysis is also essential.
Evaluation Plan: Highlights a strategy for gauging benefits realization, which typically comprises metrics that assess how the solution caters to the business objectives.
Living Document: Post its creation, the business case serves as a continuous reference throughout the initiative's lifespan. Periodic reviews and updates might be needed, based on the evolving nature of the project.
Driving Factors: The urge to develop a business case can arise from varied sources such as market demand, technological advances, legal requisites, ecological concerns, and more.
Reviews in Multiphase Initiatives: For prolonged initiatives, it's imperative to frequently reassess the business case to ascertain that the project remains on the desired trajectory. These reviews ensure the initiative's alignment with the original business case.
Adaptive vs. Predictive Lifecycle: While both recognize the business case as pivotal, adaptive methods focus on collating "just enough" content to initiate, continually refining the solution. In contrast, predictive methods emphasize comprehensive upfront analysis.
Understanding the Assemble Business Case process is paramount as it forms the crux of decision-making in organizations, ensuring that resources are directed towards the most fruitful ventures.
Inputs
Business Goals and Objectives
Business goals and objectives are the foundation for defining the business need and the value expected from an initiative. They articulate the desired end state and provide direction for the business case development. These goals and objectives must be well-understood, measurable, and aligned with the strategic direction of the organization.
Feasibility Study Results
Feasibility study results provide an analysis of the practicality of a proposed solution or project. It assesses the technical, economic, legal, operational, and scheduling aspects to determine the likelihood of the project's success. These results are crucial for making informed decisions in the business case.
Product Roadmap
The product roadmap is a strategic document that outlines the vision, direction, priorities, and progress of a product over time. It aligns stakeholders and guides the development team by conveying the why and what behind the product. It serves as a vital input for the business case by highlighting the planned initiatives and their alignment with business objectives.
Recommended Solution Option
This encompasses the selected solution from available options that best addresses the business need and delivers value. It is based on a thorough analysis of feasibility, risks, benefits, and alignment with business goals. The recommended solution is a critical input for the business case as it lays the foundation for the proposed initiative.
Required Capabilities and Features
These are the functionalities and characteristics that the solution must have to meet the business need and deliver expected value. Understanding the required capabilities and features is essential for developing a comprehensive business case that accurately reflects the scope and expectations of the project.
Situation Statement
The situation statement provides a clear and concise description of the current state, including any problems or opportunities. It sets the context for the business case by explaining why the initiative is needed and what it intends to address or achieve.
Tools and Techniques
Document Analysis
Document analysis involves systematically reviewing and interpreting documents to gain insights. In the context of assembling a business case, it entails analyzing existing documentation to extract relevant information that supports the rationale, feasibility, and potential impact of the proposed initiative.
Facilitated Workshops
Facilitated workshops are structured group meetings led by a facilitator. These sessions aim to gather diverse perspectives, foster collaborative decision-making, and achieve consensus among stakeholders. They are effective for eliciting requirements, exploring solutions, and validating assumptions, thereby contributing valuable insights to the business case.
Glossary
A glossary is a compilation of terms and their definitions used within a particular domain or project. It ensures consistent understanding and communication among stakeholders. When assembling a business case, a glossary helps in clarifying terminologies and reducing ambiguities, facilitating a clear and shared understanding of the proposal.
Product Visioning
Product visioning is a technique used to define the overarching goal and aspiration of a product. It provides a long-term direction and purpose, aligning stakeholders around a shared vision. Incorporating the product vision into the business case ensures that the proposed initiative is aligned with the broader objectives and strategic intent of the organization.
Story Mapping
Story mapping is an agile technique used to create a visual representation of the customer journey and the product backlog. It helps in understanding the user’s experience and prioritizing features based on their value and necessity. In the context of a business case, story mapping can provide insights into the user's needs and how the proposed solution addresses them.
Outputs
Business Case
The business case is a formal document that justifies the initiation of a project or solution. It presents the business need, the analysis of options, the recommended solution, the anticipated benefits, costs, risks, and the impact on the organization. It serves as a decision-making tool for stakeholders to evaluate the viability and worth of the proposed initiative.
Product Scope
Product scope defines the features, functions, and boundaries of a product or solution. It outlines what is included and excluded, providing clarity and focus for the project team. The product scope is derived from the business case and is critical for understanding the deliverables and constraints of the proposed initiative.